State Farm operates as a mutual insurance company, meaning that it is owned by its policyholders. State Farm is the largest car insurance company in the United States, accounting for 18 per cent of the total market share available. Almost one in five dollars spent on private passenger car premiums in the U.S. is paid to State Farm. The company currently employs approximately 70,000 employees and has almost 19,000 agents. In line with its large market share, State Farm’s latest annual report shows a net gain of over $1.7 billion.
GEICO, best known for its cartoon gecko, has acted as the underwriter of more than 16 million car policies, supplying more than 24 million cars. The scope of the company makes it possible to hire more than 36,000 employees through nine regional offices, three service centers and three claims centers. The initial customer base for GEICO consisted of U.S. government employees and military personnel. Today, the client base of the insurance company has been grown to include people in the private sector.
Progressive — the third largest insurance company in the country— was founded in 1937. The insurer offers the ability to buy car insurance directly, online or by phone. Additionally, consumers should sign with independent insurance companies. The company has more than 33,000 staff and more than 400 branches. Progressive is a corporation that is publicly traded.
Established in 1931, Allstate is America’s second largest publicly traded property and casualty insurance company. Compared to the State Farm, Allstate has a list of local representatives ready to serve your needs. The company currently employs more than 79,000 employees. Esurance, a subsidiary of Allstate, operates in the same region. According to Allstate, the brand is targeted at self-directed and product-sensitive consumers, while Allstate is aimed at customers who appreciate local and personal service.
Liberty Mutual is one of the top insurance companies in the United States and has been around for over 100 years. Liberty Mutual also has a strong international presence— with operations in 17 nations. Global companies are selling property and casualty, medical and life insurance plans. The auto insurance market is a large part of Liberty Mutual’s sector, accounting for 36% of their net paid insurance premium as of their most recent annual report.
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